Did you know? According to an American Hospitals Association report in 2019, uncompensated hospital care costs exceeded $620 billion. Failures in claims processing, billing, payments, and bad debt collection cost healthcare providers $300 billion annually. As per the Mckinsey article, 99% of medical bills over $3000 were not paid in full. According to Bloomberg, bankruptcies in the healthcare sector tripled in 2017. Eight hospitals declared bankruptcy in the first three quarters of 2018, and nine others closed their doors. These statistics highlight the major issue confronting US healthcare providers today, i.e., revenue erosion. Many factors are responsible for this problem. The complexity of regulations, the fragmented nature of the US healthcare system, and billing inefficiencies are three major ones. We can only do a little about the first two, but we can and must work on the third. Let’s discuss reasons to outsource medical billing management in 2023.
The best alternative to deal with such a scenario is outsourcing medical billing and coding to the experts to reap the following benefits:
Reason # 1
Undoubtedly, medical professionals are wearing many hats and taking on many responsibilities. But simultaneously, both – medical billing and collections demand full-time undivided attention. That’s why you will require dedicated personnel to oversee only the medical billing and coding process in order to precisely and promptly stay on top of high-volume transactions. All thanks to the services of outsourcing medical billing management in 2023.
Reason # 2
Scalability of Services
When medical billing and coding issues do not hamper your healthcare facility, it has much room to grow. Whatever the size of your practice, outsourcing medical billing allows you to eliminate impediments, obstacles, and distractions that would otherwise prevent your healthcare organization from reaching its full potential. Outsourced medical billing services can grow alongside you, allowing for expansion.
Reason # 3
Highly Integrated Electronic Health Records (EHR)
If you’ve ever managed medical billing and coding, you’ll know that just entering patient data into electronic health records (EHR) systems takes a long time. This is every biller’s worst nightmare.
Some healthcare providers and hospitals are concerned that in-house medical billing will require more work to integrate with their existing EHR systems and processes. However, you can quickly alleviate this concern by working with a medical billing provider who is well-versed in major EHR systems or by selecting a provider who will make the adjustment for you.
When you outsource medical billing services, you no longer have to deal with the technical issues that can arise with electronic health record systems.
Reason # 4
Access to Expert Consulting
Indeed, medical billing and coding is a complicated process. It entails numerous moving parts and frequent revenue cycle management changes. Industry protocols and regulations are rapidly updated, and if you do not have a dedicated staff to keep up with the most recent standards, you will quickly fall behind. By outsourcing medical billing company, you can be confident that you will always have a team of professionals working to implement the best practices for your specialty.
Reason # 5
Fewer Medical Billing Errors
Undoubtedly, medical billing errors and other ineffective collection policies run the risk of causing a significant revenue slump. But when it comes to medical billing and coding, even a single error can result in delayed payment or, at worst, a denied claim. In fact, medical billing errors can prove to be costly, especially when combined with duplicate billing, inaccurate patient information, and authorization errors.
Outsourcing medical billing and coding ensures that the billing process is error-free, up-to-date, and profitable. That’s why it is recommended to look for experienced medical billers and coders with quality assurance measures that enable them to make fewer errors while maintaining accuracy.
Outsource Medical Billing to 24/7 Medical Billing Services!
According to a case study published in 2019, global medical billing outsourcing could reach $449,623.8 million by 2023, with a 12.3% annual growth rate. In short, medical billing outsourcing businesses are about to explode.
Although outsourcing medical billing is not a novel concept, healthcare facilities and providers need help deciding whether to outsource medical billing management processes. The primary source of concern is the risk of entrusting their billing process to the wrong hands, along with the daunting task of locating the best medical billing and coding partner. So, why worry when the expert team of 24/7 Medical Billing Services is in place for your assistance? Book a free consultation appointment with the team right now.